Albany, NY -- (SBWIRE) -- 12/08/2014 -- Superconducting magnets are magnets made from superconducting wire coils. Superconducting magnets provide promising and attractive analytic and economic advantages over electromagnets. Due to their superconductivity, the superconducting magnets can carry large amounts of magnetic currents without major energy losses. Superconducting magnets allow users to produce extremely high magnetic fields without kilowatts or megawatts of power supplies which are needed for electromagnets. Superconducting magnets also provide higher magnetic fields and lower operating costs as compared to electromagnets and permanent magnets. Superconducting magnets find applications in medical devices & equipment, mass spectrometers, particle accelerators, separation process and nuclear magnetic resonance (NMR) equipment among others. In addition, superconducting magnets are also preferred over normal magnets in magnetic levitation where only the magnetic field supports the suspended objects.

The market for superconducting magnets was mainly driven by the medical devices & equipment market. In the healthcare industry, the superconducting magnets find applications in magnetic resonance imaging (MRI), a medical technique used for clinical diagnosis of the body. In molecular biology, superconducting magnets are used in drug discovery and development. In nuclear magnetic resonance (NMR), superconducting magnets are used in the stabilization of nuclear waste. In addition, superconducting magnets along with the help of NMR technology can be used in treating and curing of diseases such as cancer in vital organs. Superconducting magnets are also used in mass spectrometers, to separate the ions with the application of magnetic fields. In the manufacturing industry, superconducting magnets are used in removing weakly magnetic impurities which are used to enhance the whitening of ceramics and paper industry. In addition, the superconducting magnets are used in magnetic levitation which is used in product displays, maglev trains and magnetic bearing. In spite of so many applications, the growth of superconducting magnets has been slow in past few years majorly due to higher cooling costs and manufacturing issues related to it.

In terms of demand, Asia Pacific was the leading region in superconducting magnets market in 2013. Asia Pacific is also expected to be the fastest growing market for superconducting magnets due to increasing demand from medical devices & equipment and manufacturing industry. China and Japan had the highest demand for superconducting magnets in this region. Other countries such as India, Taiwan and Korea are likely to show potential growth for the superconducting magnets in next few years. North America is another region exhibiting favorable growth in the semiconducting magnets market. The increasing demand for superconducting magnets from mass spectrometers, NMR technology and medical devices & equipment has been driving the market in past few years. U.S. had the largest demand for superconducting magnets in North America.

The demand is huge due to growing medical devices & equipment market in this region. In 2013, Europe had the third-largest demand for superconducting magnets market. Germany was one of the largest consumers of superconducting magnets in Europe. Other European countries such as Italy, Spain, Russia, the UK and France are likely to offer potential market for superconducting magnets in new future. Rest of the World market is anticipated to show positive outlook for the superconducting magnets market in near future. Latin America and the Middle East are anticipated to offer huge growth opportunities during the forecast period due to increasing manufacturing activities in this region.

Some of the key manufacturers in the superconducting magnets market are Agilent Technologies Inc, American Magnetics Inc., General Electric Co., Superconductors SpA, Siemens AG, and Sumitomo Electric Industries Ltd., among others

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